It’s that time of year again. You know, when you must pull out your crystal ball and make your best prediction on which financial benefits you should opt into at work for the next year. It can be a tricky situation if you don’t know what you’re doing. You can opt to defer too much into your retirement plan and get yourself into trouble if you don’t have enough money left to cover your expenses. You also can opt to defer too little and miss out on company match opportunities and tax deferred growth. Whatever you decide, my best advice (speaking from experience)…Don’t go at it alone!!
Logging into your employee benefits site isn’t typically a memorable event. But the first time I tried to enroll in a company 401(k) is still fresh in my mind. I was 22 and working at IBM as my first job out of college. I had just logged into NetBenefits after receiving emails telling me it was time to elect my 401(k) contribution amounts. I finally found the page I was looking for and quickly realized I had no idea what I was supposed to do. Pre-tax? Roth? Post-tax non-Roth? Percentages? Fixed dollar amounts? It was all Greek to me…Read More